New York City will receive 267 new EV charging stalls from a $60 million investment announced by Gov. Hochul. The new charging stalls will have minimum speeds of 320 kW.
The 267 charging stalls will be spread across nine sites in the city. Construction for 178 of the sites are expected to be completed within the next 12 months, which include:
- Masbeth, Queens: 60 charging stalls
- La Guardia Airport: 44 charging stalls
- John F. Kennedy (JFK) International Airport: 24 charging stalls
- Greenpoint, Brooklyn: 30 charging stalls
- The Port Morris section of the Bronx: 20 charging stalls
Upon the stalls’ competition, the Queens site will be the largest fast-charging station in the Northeast U.S. and the LaGuardia Airport site will be the largest fast-charging station in the country. Both the Bronx station and the airport stations are located in disadvantaged communities.
The JFK Airport charging station, which will be located adjacent to the airport’s main rideshare vehicle waiting area, began construction in November. Revel said it will be able to complete the construction due to the funding. The remaining 89 sites are expected to be completed by 2027.
The loan was provided to Revel by NY Green Bank, New York’s clean-energy investment fund and the New York State Energy Research and Development Authority (NYSERDA).
NY Green Bank is the oldest and largest state green bank in the country. State and local policymakers often use green banks to deliver projects that are not sufficiently met by other financial markets to achieve economic development or a desired public benefit. NY Green Bank’s transaction’s are designed for replication and adoption by the private sector.
Charging developers face significant upfront costs and limited access to appropriately priced capital because traditional lenders often view the sector as high risk. This challenge, NY Green Bank said, is compounded by limited precedent for EV charging infrastructure financing, stemming from a lack of historical data on performance, risk, and returns, as well as uncertainty around the demand for EV adoption.
The NYC transaction helps to address these barriers by acting as a market catalyst, demonstrating the viability of the asset class and de-risking key project elements, NY Green Bank said. “This transaction is designed to encourage private sector participation by incorporating a cross-collateralized asset base, conservative loan sizing, and limited prepayment fees,” the company said. “By demonstrating the attractiveness of EV charging investments, it aims to serve as a proof-of-concept deal, paving the way for other lenders to replicate and adopt similar approaches.”
NY Green Bank supports the state’s green economy, which was written into law under the CLCPA. The Climate Act set the goal of economy-wide carbon neutrality by mandating an 85% reduction in greenhouse gas emissions by 2050 and a 100% clean electric grid by 2040.
The loan is a first for NY Green Bank, which has yet to fund EV-charging stations.
“Our goal is to leave New York State in a better condition than when we found it,” Sen. Parker said. “If we are going to move forward with our [Climate Leadership and Community Protection Act (CLCPA)] goals, we must transition our transportation sector to clean vehicles. We also must invest in the infrastructure needed to provide confidence, reliability, and convenience for New Yorkers.”
Revel is the largest provider of public EV fast-charging in New York City. The loan will enable Revel to more than triple its current New York City public fast charging network this year, NYSERDA said. Revel’s charging stations are open to the public 24/7.
(See also: “Report shows U.S. states and utilities easing into EVs”)
“In support of the transition to a clean energy economy, it is critical that we continue to build electric vehicle infrastructure to ease the shift to EV ownership for more New Yorkers, especially those in urban areas,” Gov. Hochul said. “This significant investment addresses the key need of providing electric vehicle users in New York City with much needed public charging options while reducing local emissions.”
A map of Revel’s charging stations, which are open 24/7, with each station’s prices per kWh and charging speed, is available here.
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